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Check whether you qualify for it or not!

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IRS Payment Plan is an initiative for individuals and business by the Internal Revenue Service for qualified tax payers, by applying for which an individual or business owner can pay tax he/she owes within an extended deadline. Once can choose Short-term Payment Plan if he or she owes tax of $100,000, to set-up this installment aggreement won’t have to pay a single penny as set-up cost, if one go with Long-term Payment Plan, he or she has to pay $31 or $130 as set-up cost.

IRS Payment Plan

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Table of Contents

There are two payment plans, which are long term and short term, first and second is for one who owes combined tax, penalties and interest of less than $100,000 and $50,000, respectively. One who qualifies for a short term has to pay the amount within 180 days or earlier, and those who qualify for a long term Payment Plan at a long time duration pay the amount monthly.

Whether you qualify for short term or long term you can apply online for IRS Payment Plan easily by visiting the official website of the Internal Revenue Service, which is accessible at irs.gov/. One who owes taxes also has to pay penalties and interest, all these will add to your payment, one who qualifies for short-term need not to pay any set-up and but those who qualify for long-term need to pay an amount as set-up fee.

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IRS Installment Aggreement 

You must know that one who qualifies for Short-term Payment Plan, can pay the amount monthly in instalments basis using the automatic withdrawals and non-Direct Debit, set-up amount for both is far different from one another, incase of choosing first option one has to pay $31 only and those go with the second option will have to pay $130 (low income individual only need to pay $43 incase of meeting with certain eligibility criteria).

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IRS IA 2023 Eligibility 

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As I mentioned above there are two payment plans, which are introduced by the Internal Revenue Service, eligible criterias for both are different from one another. Checkout the listed points to get details about it.

Short-term Payment Plan

  • The amount of combined tax, penalties and interest of an individual must not be above $100,000.

Long-term Payment Plan

  • The amount of combined tax, penalties and interest of an individual must not be above $50,000.

One who qualifies for any of these two payment plans will have to pay the full amount within the allotted deadline, otherwise he/she has to pay a huge penalty and interest rate.

IRS Payment Plan

Payment Plan Set-up Cost 

Step-up cost is subject to the qualifying payment plan of the Internal Revenue Service; an individual who wants to pay all tax dues in one go today can do it easily without paying a single penny extra charge as penalty or interest. Checkout the listed points to get details about the set-up cost for short and long term payment plan.

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Short-term Payment Plan

  • There is no set-up cost fee.

Long-term Payment Plan

  • Incase of choosing automatic withdrawal or non-Direct Debit to pay combined tax, penalties and interest one has to pay $31 or $130 as set-up cost.

You will be able to pay the cost in online mode using your Debit or Credit Card.

How to apply online for an IRS Payment Plan?

If you have read all eligibility criterias and find out that you are eligible to apply for a Short-term or Long-term Payment Plan, then you have to go through the step-by-step instructions below to apply for it.

  • Go to the official website of the Internal Revenue Service, which is accessible at irs.gov/.
  • Under the section of the ‘How can we help you?’, you will find an option of the ‘Make a Payment‘, tap on it.
  • Now, you will find an option of the ‘Apply for a Payment Plan‘ under the section of the ‘Need More Time to Pay?’, tap on it.
  • Post tapping on the above mentioned option you will find an option that reads ‘Apply/Revise as Individual‘, click on it.
  • At the end, you have to tap on ‘ID.me Create an Account‘ and provide all your details to apply online for the IRS Payment Plan. 

In order to get updated information about the Payment Plan of Internal Revenue Service, you are required to subscribe to push notification.

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